%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨长江电力（ ） 600900.SH [Table_Title] 分红率稳健符合承诺，多因子对冲来水波动 报告要点 [2T0a2b3le_年S公um司m发ar电y]量同比增长 5.34%，由于新增电量主力白鹤滩电站电价高于公司其他电站， 因此公司2023年营业收入同比增长13.43%，公司投资收益达到47.50亿元，同比增长3.26%。 减利因素方面，公司财务费用同比增长31.05%，研发费用同比大幅增长779.95%，因此全年 业绩 272.39 亿元，同比增长 14.81%。一季度公司发电量同比减少 5.13%，但收入同比增长 ...

股票代码：600900 股票简称：长江电力 公告编号：2024-023 中国长江电力股份有限公司 关于公司控股股东解除可交换公司债券担保及信托 登记办理完成的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 重要内容提示： 公司近日收到控股股东中国长江三峡集团有限公司（以下简 称"三峡集团"）通知，三峡集团已于近日在中国证券登记结算 有限责任公司上海分公司完成"中国长江三峡集团有限公司公开 发行 2019 年绿色可交换公司债券（第一期）"（以下简称"本期 债券"、"G 三峡 EB1"）的解除担保及信托登记手续。截至公告 披露日，"三峡集团-中信证券-18 三峡 EB 担保及信托财产专户" （以下简称"G 三峡 EB1 专户"）不再持有公司股份，三峡集团 及其一致行动人合计持有公司股份 12,883,572,457 股，占公司总 股本的 52.65%，公司控股股东及实际控制人未发生变化。 一、三峡集团发行可交换公司债券基本情况 2019 年，三峡集团发行了 G 三峡 EB1 可交换公司债券，标 的股票为中国长江电力股 ...

中信证券股份有限公司 关于中国长江电力股份有限公司 发行股份及支付现金购买资产并募集配套资金暨关联交易 之 2023 年度持续督导意见 中信证券股份有限公司（以下简称"中信证券"或"独立财务顾问"）作为中国 长江电力股份有限公司（以下简称"长江电力"或"公司"或"上市公司"）发行股 份及支付现金购买资产并募集配套资金暨关联交易（以下简称"本次交易"）的独 立财务顾问及主承销商，根据《中华人民共和国公司法》《中华人民共和国证券 法》《上市公司证券发行注册管理办法》《上市公司重大资产重组管理办法》《上 市公司并购重组财务顾问业务管理办法》《上海证券交易所股票上市规则》等有 关法规的要求，对本次发行股份及支付现金购买资产并募集配套资金暨关联交易 的实施情况进行了持续督导，并结合长江电力《2023 年年度报告》，出具独立财 务顾问持续督导意见如下： 一、交易资产的交付或者过户情况 （一）本次交易基本情况 1、发行股份及支付现金购买资产 2022 年 11 月 14 日，上市公司收到中国证监会出具的《关于核准中国长江 电力股份有限公司向中国长江三峡集团有限公司等发行股份购买资产并募集配 套资金申请的批复》（证监许可[2 ...

华泰联合证券有限责任公司 关于中国长江电力股份有限公司 发行股份及支付现金购买资产并募集配套资金暨关联交易 之 2023 年度持续督导意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"独立财务顾问"） 作为中国长江电力股份有限公司（以下简称"长江电力"或"公司"或"上市公 司"）发行股份及支付现金购买资产并募集配套资金暨关联交易（以下简称"本次 交易"）的独立财务顾问及主承销商，根据《中华人民共和国公司法》《中华人民 共和国证券法》《上市公司证券发行注册管理办法》《上市公司重大资产重组管理 办法》《上市公司并购重组财务顾问业务管理办法》《上海证券交易所股票上市规 则》等有关法规的要求，对本次发行股份及支付现金购买资产并募集配套资金暨 关联交易的实施情况进行了持续督导，并结合长江电力《2023 年年度报告》，出 具独立财务顾问持续督导意见如下： 一、交易资产的交付或者过户情况 （一）本次交易基本情况 1、发行股份及支付现金购买资产 2022 年 11 月 14 日，上市公司收到中国证监会出具的《关于核准中国长江 电力股份有限公司向中国长江三峡集团有限公司等发行股份购买资产并募集配 套资金申请的批复》（ ...

Financial Data and Key Indicators Changes - In 2023, the company achieved operating revenue of 781.12 billion, an increase of 50.04% year-on-year; total profit reached 324.13 billion, and net profit was 279.56 billion, up 27.83% year-on-year [7][11][12] - Total assets reached 5719.43 billion, a year-on-year increase of 74.76%; net assets were 2122.99 billion, up 8.45% year-on-year [7][11] Business Line Data and Key Indicators Changes - Hydropower: In 2023, cumulative power generation from cascade power stations was 2762.63 billion kWh, an increase of 140.15 billion kWh, or 5.34% year-on-year [1][4] - Pumped Storage: The company is tracking over 30 pumped storage projects with a total installed capacity of nearly 42 million kW [1][4] - New Energy: Distributed photovoltaic and energy storage projects both exceeded 1 million kW in scale in 2023 [1][5] Market Data and Key Indicators Changes - International business achieved a total profit of over 2.1 billion, a year-on-year increase of 51%, with successful acquisitions in Peru and ongoing projects in Pakistan [1][6] Company Strategy and Development Direction - The company aims to complete a power generation target of 3088 billion kWh in 2024, with domestic cascade power stations targeting over 3074 billion kWh [1][13] - Expansion plans include increasing the installed capacity of Xiluodu and Xiangjiaba hydropower stations [1][13] Management Comments on Operating Environment and Future Outlook - Management noted that despite challenges such as reduced water inflow in the Yangtze River basin, the company expects significant improvements in power generation due to optimized dispatching [16] - The company is committed to enhancing its ESG management framework and improving operational efficiency [8][9] Other Important Information - The company has maintained a high cash dividend policy, with cumulative cash dividends reaching 163.87 billion since its listing, and plans to distribute 20.064 billion in cash dividends for 2023 [3][4] - The company has implemented over 400 rural revitalization projects, investing over 2 billion [12] Q&A Session Summary Question: What is the expected scale of R&D expenses and the main business synergy model? - The company emphasizes high-tech content, economic efficiency, resource efficiency, low environmental pollution, and effective human resource utilization in its R&D investments [16] Question: What is the growth source of the Ludus company and the sustainability of overseas business performance? - The international business revenue exceeded 2.1 billion in 2023, with stable growth expected due to the nature of public utility investments in Peru [16] Question: What is the outlook for future water inflow and power generation? - Current water inflow is close to the historical average, and significant improvements in power generation are anticipated [16] Question: What is the progress of pumped storage project construction? - Currently, there are 2.4 million kW of installed capacity under construction and 4.2 million kW planned [16] Question: What are the company's specific investment arrangements? - The company will focus on low-risk, stable-return investment strategies, particularly in the upper reaches of the Yangtze River [16] Question: What is the current status of new energy installations in 2023? - The company has successfully integrated nearly 2 million kW of new energy projects and plans to accelerate development in 2024 [16] Question: What is the company's investment layout in Latin America? - The company completed its first renewable energy asset acquisition in Peru, establishing a complementary generation structure [16] Question: What is the capacity of the hydropower unit in Peru and its operational timeline? - The company operates the Santa Teresa 1 hydropower station in Peru with a capacity of 100,000 kW, operational since September 2015 [16] Question: What are the expansion plans for this year? - Expansion projects for Xiangjiaba and Gezhouba hydropower stations are underway [16] Question: How does the company view its investments in the Yangtze protection ETF? - The company maintains that these investments align with its strategic goals and long-term value [16] Question: What is the source of the significant increase in operating cash flow in 2023? - The increase in cash flow is primarily due to the recovery of electricity payments [16] Question: Will the dividend payout ratio increase after reducing debt? - The company has a clear dividend policy, ensuring a minimum payout of 50% of distributable profits [16] Question: What is the overall interest rate on the company's interest-bearing debt? - The company has successfully reduced its financing costs and debt scale in recent years [16]

Summary of Conference Call Company and Industry - The conference call is focused on Dongbu Securities, specifically discussing the public utility and environmental protection sector [1] Core Points and Arguments - The call aims to interpret the annual report, particularly emphasizing production and electricity, which are familiar topics for investors [1] - The discussion involves an exchange between the speaker and analyst Gu Yue regarding insights into the company [1] Other Important Content - The call is structured to facilitate a dialogue, indicating a collaborative approach to understanding the company's performance and outlook [1]

Summary of Conference Call Company and Industry - The conference call is focused on Dongbu Securities, specifically discussing the public environmental sector and its annual report analysis [1] Core Points and Arguments - The discussion centers around production and electricity, indicating that these are familiar topics for investors [1] - The call involves an exchange between the speaker and analyst Gu Yue, suggesting a collaborative approach to analyzing the company's performance [1] Other Important Content - The call aims to provide insights into the company's operations and performance metrics, although specific financial data or metrics are not detailed in the provided text [1]

Financial Data and Key Indicators Changes - In 2023, the company achieved operating revenue of 781.12 billion, a year-on-year increase of 50.04% [7] - The total profit reached 324.13 billion, with net profit at 279.56 billion, representing a year-on-year increase of 27.83% [7] - Total assets amounted to 5719.43 billion, up 74.76% year-on-year, while net assets increased by 8.45% to 2122.99 billion [7] Business Line Data and Key Indicators Changes - Hydropower generation reached 2762.63 billion kWh in 2023, an increase of 140.15 billion kWh or 5.34% year-on-year [1][4] - The company has over 30 pumped storage projects under tracking, with a total installed capacity of nearly 42 million kW [1][4] - In the renewable energy sector, distributed photovoltaic and energy storage projects both exceeded 1 million kW in scale [1][5] Market Data and Key Indicators Changes - International business profits exceeded 2.1 billion, a year-on-year increase of 51%, with successful acquisitions in Peru and ongoing projects in Pakistan [1][6] Company Strategy and Development Direction - The company aims to achieve a hydropower generation target of 3088 billion kWh in 2024, with domestic hydropower stations expected to exceed 3074 billion kWh [1][13] - Expansion plans include increasing the installed capacity of Xiluodu and Xiangjiaba hydropower stations [1][13] - The company is focusing on developing pumped storage and enhancing its renewable energy base [1][13][14] Management's Comments on Operating Environment and Future Outlook - Management noted that despite challenges such as reduced water inflow, the company expects significant improvements in generation capacity due to optimized dispatching [16] - The company is committed to maintaining a high cash dividend policy, with a proposed cash dividend of 200.64 billion for 2023 [3][18] Other Important Information - The company has established an ESG management framework to enhance its sustainability practices [8][9] - It has implemented over 400 rural revitalization projects, investing over 2 billion [12] Q&A Session Summary Question: What is the expected scale of R&D expenses and the main business synergy model? - The company emphasizes high-tech content, economic efficiency, resource efficiency, low environmental impact, and human resource advantages in its R&D investments [16] Question: What is the growth source of the Ludus company and the sustainability of overseas business performance? - The international business revenue exceeded 2.1 billion, with stable growth expected due to the nature of public utility operations in Peru [16] Question: What is the outlook for future water inflow and generation capacity? - Current water inflow is near the historical average, and generation capacity is expected to improve significantly [16] Question: What is the progress of pumped storage project construction? - There are currently 2.4 million kW of pumped storage under construction, with an additional 4.2 million kW planned [16] Question: What are the company's specific investment arrangements? - The company will focus on low-risk, stable-return investments, particularly in the upper reaches of the Yangtze River [16][17] Question: What is the current status of renewable energy installations in 2023? - The company has successfully integrated nearly 2 million kW of renewable energy projects [17] Question: What is the future investment layout in Latin America? - The company completed its first renewable energy asset acquisition in Peru, establishing a complementary generation structure [17] Question: What is the capacity of the hydropower unit in Peru and its operational timeline? - The company operates the Santa Teresa 1 hydropower station in Peru with a capacity of 100,000 kW, operational since September 2015 [17] Question: What are the expansion plans for this year? - Expansion projects for Xiangjiaba and Gezhouba hydropower stations are underway [17] Question: What is the source of the significant increase in operating cash flow in 2023? - The increase in cash flow is attributed to the recovery of electricity payments [17] Question: How does the company view its investments in the Yangtze Protection ETF? - The company maintains that these investments align with its strategic goals and support the high-quality development of the Yangtze Economic Belt [17] Question: Will the dividend payout ratio increase after reducing debt? - The company has set a minimum cash dividend policy of 50% of distributable profits, with a current payout ratio of approximately 74% [18] Question: What is the overall interest-bearing debt cost rate? - The company has successfully reduced its financing cost rate and debt scale, with a notable decrease in 2023 [19][20]

那参加本次会议会议即将大家好欢迎参加动物环保公游年报深度解读长江经历业绩符合预期期待量价提升会议目前所有强红载种处于静音状态在没开始播报名单声明声明播报完毕后职员人可直接开始发言 谢谢 动物证券研究所提醒您本次电话会议即面向机构投资者或受邀客户第三方专家发言内容仅代表其个人观点所有信息或所表述的意见均不构成对具体证券在具体价位具体时点具体市场表现的判断或投资建议未经合法授权严禁录音转发及相关解读涉嫌违反上述情形的 我们将保留追究法律责任的权利感谢您给予的理解和配合谢谢各位投资者大家晚上好欢迎大家参加我们东部证券公用环保团队的年报解读的电话会就是我们这场主要是讲一讲强弹电力因为强弹电力其实各位投资者相信都非常熟悉了 所以今天我会跟主户覆盖的分析师谷月一起交流一下关于这家公司的一些探讨我会跟谷月进行一些提问的交流我们动物证券公用环保团队从扩大覆盖范围以来其实一开始我这边可能覆盖的两个主要的方向就是核电和水电毫无疑问核电的龙头 中国核电 中广核和长江电力都是大家非常熟知的公司我这边可能首先有几个问题可能跟谷月聊一聊第一就是我们看到去年因为有新的机组并表500并表之后公司的业绩其实是增长的但是同时我们也能看到因为来税 ...

发电及电网 分析师：陈拓 乌白电站注入后，公司抗风险能力增强， 登记编码：S0730522100003 盈利能力将逐步提升 c hentuo@ccnew.com ——长江电力(600900)2023 年年报及 2024 年一季 报点评 证券研究报告-年报点评 增持(维持) 市场数据(2024-05-08) 发布日期：2024年05月09日 收盘价(元) 25.31 投资要点： 一年内最高/最低(元) 26.00/21.23 长江电力发布2023年年报及2024年一季报，2023年公司实现营业收 沪深300指数 3,630.22 入781.12亿元，同比增长13.43%；实现归母净利润272.39亿元，同 市净率(倍) 3.01 比增长14.81%。2023年第四季度公司实现营业收入202.56亿元，同 流通市值(亿元) 6,076.24 比增长28.23%；实现归母净利润57.15亿元，同比增长86.98%。 基础数据(2024-03-31) 2024 年第一季度公司实现营业收入 156.41 亿元，同比增长 1.58%； 每股净资产(元) 8.40 实现归母净利润39.67亿元，同比增长9.80%。 每股经 ...